Were you ever been sold an insurance policy with a promise of a moon and then ultimately were made to go through hell to make your actual claim? And the final result of that nightmare was a shock of technical skulduggery, without any light at the end of the tunnel.
On top of it, you never knew whom to approach with your grievances. Or who will help you, support you, fight for you, and make sure that you receive your rightful claim and that also soon? And many more such insurance-related complaints you have/had, which never got resolved.
From today onwards, it will never happen again as Insurance Samadhan provides a tech platform for all the insurance policy-related grievance redressal mechanisms and ensures that you know all your insurance rights well enough not to be bullied in the future.
Marshalled by the likes of Deepak Bhuvneshwari Uniyal, Co-founder & CEO, Insurance Samadhan or InSa for short, is fighting for all those people, who those insurance miscreants have hassled. And it will keep fighting for the cause.
In an interview with Insights Success for its latest edition of ‘India’s Fastest Growing Start-ups to Watch,’ Mr Uniyal is speaking about his unique InSa, which gives satisfaction to thousands of customers.
Please brief our audience about InSa, its USPs, and how it is currently positioned as a leading player in the industry it is catering to?
We are a tech platform in resolving insurance grievances like misselling and claim rejection for life, health, and general insurance. We have resolved more than fourteen and a half thousand grievances in the last three-point-five years.
One of our USPs is that our filtration process selects only genuine grievances, and tech helps aggrieved customers represent their complaints and get their claim amount; insurance companies can take the informed decision as the representation is done in a technical language helps them understand the grievance.
What other products/solutions does InSa offer, and how are these impacting the industry and your clients?
We resolved insurance grievances; now, we are upgrading from service to a product. Our App would be launched very soon, and we would start assisting policyholders in filing their claims to maintain and service their insurance portfolio.
One of our unique offers would be “check the quality of your insurance policy”, which on various parameters would tell you if your insurance policy had any error which can be the hindrance to the future claim, we not only scan your policy, but we also would be helping you in resolving the error.
Being an experienced leader, share with us your opinion on the impact the adoption of modern technologies such as AI, big data, and machine learning had on the industry you are catering to and what more could be expected in the future?
The insurance industry has been working on legacy systems, Insurtech start-ups, and new-age insurance companies have had a significant change with tech. AI, ML, and big data have reduced the TAT of the processes. It is just the start of the tech journey of the insurance industry; it would go for a complete overhaul and benefit every stakeholder in a big way.
Considering the current pandemic, what initial challenges did you face, and how did you drive Inca to sustain operations while ensuring the safety of your employees at the same time?
Interestingly we were just nine team members, including Co-founders, before the pandemic hit in 2020. Today, we are a team of 32 strong individuals; we have practically built the entire team and business in the pandemic. It wasn’t easy to hire, train and motivate everyone on video calls.
Every step was a challenge; we are in a super niche space, which gets trained professionals for the processes weren’t the option, so we hired freshers from college and management institutes and taught them. Building the bond and developing a great culture wasn’t easy. We used to start our day at nine A.M., with video calls.
Keeping the video on was mandatory; that was a discipline mark. To hold the means fun element high, we used to have an “InSa rejuvenation session” It has been an incredible journey building InSa against all odds.
What would be your advice to budding entrepreneurs who aspire to venture into the consultancy space?
It is a bit of straightforward advice- it is all about intent and people and what you do with both. Be passionately positive and disciplined.
How do you envision scaling Insurance Samadhan’s operations and offerings in 2022 and beyond?
For the last three-and-a-half years, we have mastered the grievance resolutions, and now we would upgrade to the product.
We will be part of every single insurance policyholder in the country and in servicing their policies. Our USP would remain that we don’t sell insurance.
Three is The Team Spirit
The Soul of InSa, Shilpa Arora, Co-founder & COO, has a total of 26 years of work experience and 15 years in the insurance space. She has trained more than 2000 insurance advisors/professionals. She takes care of everything from onboarding the customer to resolution.
The Backbone of InSa, Ravi Mathur, Co-founder & CTO, has a total of 12 years of experience and is entirely in the start-up ecosystem. He has built the tech from the scratch.
The Face of InSa, Deepak Bhuvneswhari Uniyal, Co-founder & CEO, has a total of 25 years of experience, 17 years in the Insurance domain. Left his successful career (AVP) and became a full-time insurance advisor, was handling the HNI insurance portfolio. He is keeping the team aligned towards the vision of being the most trusted platform for resolving insurance complaints
